The union government has approved setting up of an Empowered Group of Secretaries (EGoS) and Project Development Cells (PDCs) in ministries/departments for attracting investments in India. 

 

The setting up of EGoS and PDCs will make India a more investor friendly destination and will help in further smoothening investment inflows into the country thereby giving a big fillip to domestic industries. This new mechanism will reinforce India’s vision of becoming a US $5 trillion economy by FY2024-25. 

 

This step will also bring synergies between ministries/departments among the central and state governments in investment and related incentive policies. 

 

In order to provide support and facilitation to investors for investing in India and to boost growth in key sectors of the economy, an Empowered Group of Secretaries (EGoS) is approved with cabinet secretary as chairperson; CEO, Niti Aayog (member); Secretary, Department for Promotion of Industry and Internal Trade (member convenor); Secretary, Department of Commerce (member); Secretary, Department of Revenue (member); Secretary, Department of Economic Affairs (member); and Secretary of Department concerned (to be co-opted).

 

EGoS will focus: To bring synergies and ensure timely clearances from different departments and ministries; Attract increased investments into India and provide investment support and facilitation to global investors; Facilitate investments of top investors in a targeted manner; Evaluate investments put forward by the departments on the basis of their project creation and actual investments.  

 

Further, these departments would be given targets for completion of various stages by the Empowered Group.

 

A Project Development Cell (PDC) is also approved for the development of investible projects in coordination between the central government and state governments and thereby grow the pipeline of investible projects in India and in turn increase FDI inflows. Under the guidance of the Secretary, an officer not below the rank of joint secretary of each relevant central line ministry, who will be in-charge of the PDC will be tasked to conceptualize, strategize, implement and disseminate details with respect to investable projects.

 

PDC will have the following objectives: Create projects with all approvals, land available for allocation and with the complete detailed project reports for adoption/investment by investors and identify issues that need to be resolved in order to attract and finalise the investments and put forth these before the empowered group.

 

The decision will make India a more investor-friendly destination and give a fillip to the mission of Aatmanirbhar Bharat by hand holding and further smoothening investment inflows into the country. This will give a boost to the economy and open up immense direct and indirect employment potential in various sectors.